Author Topic: Garth Turner - Real Estate in Canada  (Read 592453 times)

Jurgis

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Re: Garth Turner - Real Estate in Canada
« Reply #1980 on: January 03, 2021, 11:25:50 AM »
what would happen to RE prices if they implement the cap gain tax for principal residence

outside of Canada - i'm curious if there's capital gain on principal residence in europe and US......

Gary

Yes, that capitalist paradise of USA taxes the gain on principal residence. Although there's a pretty large margin that is not taxed, so it affects (very?) few.
I'm surprised that our "socialist" Canadian neighbors think that
Quote from: cwericb
it [would] be extremely unpopular, it would be very difficult to implement.

 https://www.irs.gov/faqs/capital-gains-losses-and-sale-of-home
"Human civilization? It might be a good idea." - Not Gandhi
"Before you can be rich, you must be poor." - Nef Anyo
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clutch

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Re: Garth Turner - Real Estate in Canada
« Reply #1981 on: January 26, 2021, 09:25:10 AM »


On a side note, there are insane bidding wars going on for detached houses in GTA suburbs. 50+ offers and 20%+ above asking price is common. Everyone expects to WFH forever so seems to be moving out of the city.

maplevalue

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Re: Garth Turner - Real Estate in Canada
« Reply #1982 on: January 27, 2021, 11:23:18 AM »
300,000 dual citizens in Hong Kong must choose between Canada and China after policy change - https://nationalpost.com/news/300000-dual-citizens-in-hong-kong-must-choose-between-canada-and-china-after-policy-change

Quote
China doesn’t recognize dual nationals under its Nationality Law and Hong Kong residents of Chinese descent are regarded as Chinese citizens. The Hong Kong government has stated that residents, around 300,000 of whom hold Canadian passports, are not entitled to consular protection unless they make a declaration of change of nationality. If that process is successful, they are no longer regarded as Chinese citizens – but it may affect their right of abode in Hong Kong, which allows people to live and work in the territory without restrictions. Foreign nationals can only acquire right of abode after a seven years residency requirement, which gives them the right to vote but not hold a territorial passport or stand for office.

Not an expert in this but certainly not a negative for CAD real estate.